Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Detroit is the largest city to have recently filed for bankruptcy. Michigan Governor Rick Snyder says the city’s debt is not its only issue, but also the accountability of its citizens. Detroit filed for Chapter 9 bankruptcy protection facing enormous pension obligations to its union employees and other fiscal challenges.

The city’s long-term debt is estimated to be as much as $20 billion. Over the past six decades, Detroit’s population has shrunk from 1.8 million to about 700,000. The city has about 10,000 active public workers and 18,000 retired ones who are still owed pension and health benefits.

The costs of health care and pension contributions over the years have surpassed the revenue Detroit was bringing in from property and business taxes and other sources. The city has been unable to make those contributions and pay current payroll and other bills.

Kevyn Orr, the emergency manager and bankruptcy lawyer appointed by Snyder, said his goal is to ‘restructure the debt, including roughly $3.5 million in underfunded pension liabilities and to get Detroit on its feet again by fall 2014.’

Click here to read more on the city of Detroit recently filing for bankruptcy.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

The former Versace mansion will be sold at a bankruptcy auction on September 17th at 10 a.m. The sale of the Miami Beach landmark, now called the Casa Casuarina was just approved in a court hearing this week.

To qualify, bidders must escrow $3 million to the owner’s law firm, Marshall Socarras Grant in Boca Raton. In addition, bidders will have to show proof of funds of $40 million. The mansion has been listed at $75 million.

The South Florida Business Journal reported that the Nakash company, VM South Beach will have a credit bid because it owns the note from the original lender. However, the value of the credit bid is yet to be determined by U.S. Bankruptcy Judge Laurel Isicoff.

Click here to read more on the bankruptcy auction recently approved for the former Versace mansion.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

A recent study by Fidelity showed that 70% of the class of 2013 is graduating from college with on average, $35,200 in debt. This includes federal, state and private loans along with credit card debt. When adjusting to post-college life and the accompanying expenses, here is what financial experts say to consider when prioritizing debt repayment:

1.) Create a budget: Every single dollar needs to be assigned to a spending category. Recent grads need to consider their short-term and long-term financial goals when creating this budget.
2.) Determine which debts to pay off first: If you are looking at a variety of debt including credit cards and student loans, it is important you review the interest rates. Private student loans should be a high priority, as these are often subject to variable interest rates, and unlike federal student loans, can carry greater penalties for missed payments and can impact your credit history.
3.) Paying small vs. large balances: For those college grads that want to see quick results when paying down debt, they may find the ‘debt snowball’ technique to be beneficial. This process works by paying off smaller debts as quickly as possible.
No matter how you decide to pay off your debt, it is important to continue the commitment to repay all obligations timely, without missing payments, which can negatively affect your credit score. It’s important to establish and maintain a positive credit history. A good credit score is vital to renting an apartment, setting up your utilities or even getting a cell phone plan.

Click here to read more on how to prioritize your debt repayment.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Credit cards offer great benefits with cash back rewards and travel points; however, you have to be careful to pay balances off in full to avoid becoming trapped in a cycle of debt. Of all the things that can be financed with a credit card, here are the five worst:

1.) College Tuition: Many adults today can trace their debts back to their college years, when they did not fully grasp the concept of credit cards and interest rates. Rather than using credit cards for college tuition and expenses, consider low-interest student loans, scholarships and grants.
2.) Taxes: When faced with a large tax debt from the IRS, do not just automatically pay it off with a credit card with a high interest rate. First, work out a payment plan with the IRS. Interest accrued will be far less than any standard credit card’s interest rate.
3.) A Big Wedding: Plan a wedding within your financial means. Avoid financing the occasion with credit cards. Marriage is hard enough and should not be compounded with a mountain of debt.
4.) Vacations: Vacations are meant to be just that- a break from our everyday lives and reduce stress. Returning home and finding in the mailbox a mountain of debt you accrued on your trip can leave a dark cloud over your ‘vacation.’ In preparation for your trip, contribute to a vacation fund every month for one year. This will allow you to finance your trip accordingly and live within your means.
5.) Medical Bills: Insurmountable medical debt is one of the leading causes for filing bankruptcy. Work a payment plan out directly with the medical provider, hospital or doctor’s office. Oftentimes these plans have little or no interest/fees attached to them, unlike a credit card. Consider all of your options before simply pulling out your credit card.

Click here to read more on the five things you should never put on a credit card.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Recent documents show that Casey Anthony has reportedly agreed to pay $25,000 to settle a dispute in her bankruptcy case involving the rights to sell her life story. In March, trustee Stephen Meininger filed a motion seeking permission to sell ‘the exclusive worldwide rights of Anthony’s life story.’ He claims her story is property and an asset that could be sold to pay the more than $790,000 debt she owes others. Anthony’s bankruptcy attorneys are of course opposed to the motion.

Meininger says Anthony has a right to commercialize her story, which became property of the bankruptcy estate when she filed. Anthony, however, “adamantly opposes” the concept that her story is property that can be commercialized.

The parties agree the concept of selling the “alleged property interest is novel and has not been addressed by any case law that the parties have been able to discover.”

According to the filing, both parties agree the $25,000 settlement is in the best interest of the creditors in the case, and such an agreement will avoid long-term litigation. The bankruptcy judge has not issued an order on the joint request. However, the bigger question is, ‘How is Anthony going to obtain the $25,000?’

Click here to read more on the latest drama surrounding Casey Anthony’s bankruptcy filing.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.